Football club Barcelona has published financial accounts for the season 2020/2021 announcing a whooping loss of $556M, (€481m, € £409m) equivalent to UGX 1.98 trillion amidst the club’s financial problems.
The revenue of the club dropped by 26% from the previous season’s revenue, citing the impact of COVID-19.
Barcelona is in a financial crisis where the company currently has a debt of $1.57 Billion which has forced the club to release some of its players including Leo Messi to PSG and Antonio Griezmann to Atletico Madrid to reduce on the wage bill.
CEO of the club Ferran Reverter said that the club supported the Super League due to Financial Fair Play concerns to boost the financial position of the club.
This loss was due to various factors including reduction in the club’s income by 26% ($258M, €224) which they attributed primarily to COVID-19.
The club estimated having lost $209M in revenue because of closed stadiums, income from transfers also reduced to $64M from last year’s $106M while operating expenses increased by 19% to an all time record figure of $1.312 Billion.
The club right now is looking for all possible means of getting funds to manage the debts and keep the club afloat.